Ethereum Price Fluctuates Near $3,400 Threshold
The price of Ethereum (ETH) is on an upward trajectory, surpassing the 21-day SMA and hitting a peak of $3,378, according to analysis by Coinidol.com.
In a long-term analysis of Ethereum’s price, the bulls have taken charge by breaking through the resistance at the 21-day SMA. The leading altcoin is expected to continue its ascent towards the 50-day SMA high or $3,500. Should the bulls breach the resistance at the 50-day SMA, Ether is likely to resume its upward trend, potentially reaching $3,800. However, if the bullish momentum falters at the 50-day SMA, Ethereum may find itself range-bound between the moving average lines. Presently, the cryptocurrency is positioned above the 21-day SMA but below the 50-day SMA, with its value at $346.
Ethereum’s indicator analysis reveals that following recent price action, Ether has been oscillating between the moving average lines. The altcoin’s future trajectory hinges on whether it can breach these lines, with the current bullish momentum stalling near the $3,400 resistance level.
Key resistance levels for Ethereum are identified at $4,000 and $4,500, while crucial support levels lie at $3,500 and $3,000.
Looking ahead, Ethereum has managed to recover from a dip, although its upward momentum has been impeded by the moving average lines. The direction of Ether’s price movement will be influenced by its ability to surpass either the 21-day or 50-day SMA, potentially leading to a period of price consolidation within a defined range for the cryptocurrency.
It is essential to note that the analysis and forecasts presented are the author’s personal opinions and should not be construed as investment advice or an endorsement by CoinIdol.com. Readers are encouraged to conduct their own research before engaging in cryptocurrency investments.
